Yuan hits record high VS. dollar

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Guided by a stronger mid-point from China's central bank, the yuan hit an all-time trading high against the dollar, at around 6.33, on Monday. Traders say it looks set for an four percent plus appreciation for 2011.

The Peoples Bank of China set the dollar/yuan mid-point at 6.31 on Monday, from Fridays 6.32. The yuan is expected to remain stable or rise slightly in the last week of the year, to close 2011 near 6.3 versus the greenback. Traders say the currency is likely to continue to appreciate next year.

But the pace may slow to around three percent, with much of the rise to be seen in the second half of 2012. China is expected to keep the yuan relatively stable in the first half, to assess the impact of the ongoing eurozone crisis.

The yuan has appreciated 4.1 percent so far this year, with most of the gains seen in the first 10 months. Thats as China tries to rebalance trade and use its currency to help fight high inflation.

Editor:Zhang Rui |Source: CNTV.CN



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